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Top cryptocurrencies to watch this week

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A rebound push last week saw the global cryptocurrency market cap recover $180 billion amid a 9% surge in valuation. As a result, the crypto market cap recovered the $2 trillion mark to end the week at $2.1 trillion.

Following their impressive contributions to this rally, here are some top cryptocurrencies to watch this week:

BCH crossed 20-day MA

Bitcoin Cash (BCH) surged 9.36% last week, securing its place above $300. Although it faced a minor correction, it closed the week at $327, maintaining an upward trajectory.

Despite the price rise, the BBTrend — or Bollinger Band Trend — remains bearish, signaling weakness in the uptrend.

BCH, ELON, CKB: Top cryptocurrencies to watch this week - 1
BCH 1D chart- Sept. 15 | Source: crypto.news

Volume peaked on Sept. 11, but has since declined, even as the price climbed. This divergence between price and volume could indicate a lack of buying strength. Therefore, the rally may lose steam without renewed volume support.

BCH crossed above the 20-day moving average ($319) on Sept. 11, which now serves as a key support level. If the uptrend continues, BCH could target $340 or $350. 

However, a dip below $319 may signal a retest of $300 or lower. Investors should watch for volume increases to sustain upward momentum.

Bitcoin Cash was developed by a group that believed Bitcoin should be used more as a peer-to-peer digital cash system, as outlined in Satoshi Nakamoto’s original whitepaper, rather than as a store of value or “digital gold,” which has been Bitcoin’s main use case.

ELON performs below par

Dogelon Mars (ELON) gained 6.11% last week, performing below the broader market but managing to stay in the green.

The meme coin spent most of the week below the 20-day moving average ($0.00000012566) until the final day, closing at $0.00000012776.

BCH, ELON, CKB: Top cryptocurrencies to watch this week - 2
ELON 1D chart- Sept. 15 | Source: crypto.news

Currently, ELON is positioned above the 20-day moving average (middle Bollinger Band) and the lower Bollinger Band ($0.00000011944), but below the upper Bollinger Band ($0.00000013075). This suggests it still has room to rise before hitting resistance at the upper band.

The RSI at 46.39 indicates that ELON is not overbought, signaling potential upside momentum. If the bullish trend continues, expect resistance around $0.00000013075, with support at $0.00000011944. 

If it breaks above the upper Bollinger Band, ELON could push higher, but failure to hold above the 20-day MA might lead to a retest of lower levels.

ELON pays homage to both Dogecoin and Elon Musk, whose rocket company — SpaceX — is reportedly working on designs for a Martian city,

CKB tops gainers list

Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.

The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February. 

BCH, ELON, CKB: Top cryptocurrencies to watch this week - 3
CKB 1D chart- Sept. 15 | Source: crypto.news

This momentum carried into the new week, with CKB peaking at $0.01762 before pulling back slightly. The Fibonacci pivot levels show immediate resistance at $0.01351, which CKB has surpassed, with support at $0.00845 (pivot) if a retracement occurs. 

The Commodity Channel Index reading of 369 signals extreme overbought conditions, suggesting that while the uptrend is strong, a short-term correction could be on the horizon.

Should a correction happen, investors should look for support around $0.00845, the pivot point.

If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.

The Nervos Network was created by a team of blockchain developers and entrepreneurs with expertise in cryptography. The core team includes co-founders Jan Xie, Terry Tai and Kevin Wang.

The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.



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Hindenburg Report Fails to Impact Indian Market, Will Crypto Recover With Asia Stocks Rally?

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After seeing some selling pressure in the early trading hours on Monday following the Hindenburg report last weekend, the Indian market bounced back into the green zone. The report alleges a conflict of interest in the funds used by the Adani Group of companies and the SEBI chair Madhabi Puri Buch.

Hindenburg Report Fails to Impact Indian Market

Despite the early market selloff with the Nifty 50 Index falling over 300 points, it has entirely recovered over the last hour with the index trading 80 points in the green as of press time. Similarly, stocks of the Adani Group were trading 5.6% down on Monday, however, the shorts have recovered well with all the stocks trading in the green.

On the other hand, the Asian stock market is also showing strength with the former BOJ governor stating that the Japanese central bank won’t raise interest rates again this year. The focus now shifts to US CPI numbers for July to be revealed ahead this week as the market remains cautious about a US recession going ahead. Nomura Holdings Inc. said in a note:

“The skies are not fully clear yet, but there are several reasons that suggest to us that some relatively calmer seas are ahead of us”.

Similarly, the benchmarks in Australia and South Korea saw gains along with the revenue increase at Taiwan Semiconductor Manufacturing Co. boosting the Taipei Index. Similarly, the Hong Kong stocks remained mostly unchanged while the Japanese markets were closed for a holiday.

As a result, Indian investors also decided to look past the Hindenburg short-selling report.

Will the Crypto Market Recover?

The crypto market faced a major sell-off recently with the Bitcoin price crashing to $58,000 levels ahead of the much-awaited Donald Trump interview with Elon Musk.

Along with Bitcoin, altcoins have also been part of this crypto-market selloff falling more than 5-6% recently. However, all eyes are on the important macro events scheduled this week such as the US CPI data release for July, the NZ Fed taking its call on rate cuts, and much more. However, amid the recovery in Asian stocks, there’s enough probability that of short covering in the crypto market by the time the US markets open on Monday.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Mt. Gox creditors report Bitcoin balances on Kraken

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Kraken has started distributing Bitcoin received from the Mt. Gox Trustee on July 16.

Creditors of the defunct Bitcoin (BTC) exchange Mt. Gox reported seeing crypto balances on the Kraken platform, as impacted users saw relief 10 years after a historical hack. The news was confirmed on Reddit via a subreddit called “mtgoxinsolvency.”

Several users believed to be Mt. Gox claimants were seen verifying the update. Some also reported receiving Bitcoin Cash (BCH) tokens. 

Per crypto.news, Kraken had promised to disburse funds to creditors within seven to 14 days. This came after Mt. Gox moved about $6 billion in crypto to several addresses. Users also noted “brute force” attacks on accounts, indicating that bad actors attempted to steal relief assets.

On July 23, Arkham also noted that the bankrupt BTC exchange sent $2.85 to four Bitstamp wallets. On-chain data showed transfers of 1598 BTC ($106.3 million), 382.4 BTC ($25.4 million), 2239 BTC ($149.1 million), and 890.9 BTC ($59.3 million), respectively. It is unknown whether Bitstamp will stick to the same two-week distribution window as Kraken.

Will Mt. Gox creditors sell their Bitcoin?

Based in Shibuya, Tokyo, Mt. Gox was hacked six times between 2011 and 2014, and hackers stole over 850,000 BTC. The incident is still one of the largest crypto hacks in history, and the haul is currently valued at more than $60 billion. 

At least $9 billion is owed to creditors, and market observers hold different opinions regarding whether creditors will sell. If users decide to offload BTC tokens, BTC may experience sell pressure. As of this writing, the token traded down 2.3% and cost about $65,800 per token. 

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BTC daily price chart | Source: crypto.news





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